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Harper Hill shopping center sold to Va. group for $12.5M

Harper Hill shopping center sold to Va. group for $12.5M

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Two Triad shopping centers have been bought by a Virginia Beach, Va., real-estate company as part of paying $170.5 million in cash for an 11-property portfolio.

Armada Hoffler Properties Inc. said Tuesday it had purchased Harper Hill Commons of Winston-Salem and Wendover Village in Greensboro.

According to county register of deeds data, affiliates of Armada paid a combined $41.75 million for the properties.

Harper Hill is at 4962 Harper Hill Drive, just off the intersection of Peace Haven and Country Club roads.

Harper Hill N.C. LLC was the buying entity for Armada and paid $12.5 million. The seller was DDR SAU Winston-Salem Harper Hill LLC.

Armada listed the shopping center at 96,914 square feet. with Harris Teeter as the anchor and a 79 percent occupancy rate.

Wendover Village Greensboro LLC was the buying entity that paid $29.25 million. The seller was DDR SAU Wendover Phase II LLC.

Wendover Village is listed at 135,758 square feet, with Bed Bath & Beyond, T.J. Maxx and Five Below among its anchors. The occupancy rate is listed at 100 percent.

The overall portfolio purchase contains 1.1 million square feet and had a 94 percent occupancy rate.

The portfolio also contains two shopping centers in Durham (Patterson Place and South Square) and one in Salisbury (Alexander Pointe).

The other shopping centers are in Nashville, Tenn., Oakland, Tenn., Pasadena, Texas, South Bend, Ind., Taylors, S.C., and Waynesboro, Va.

“We are pleased to strategically redeploy the capital we realized from our recently completed dispositions into a portfolio of high-quality assets anchored by a diverse group of credit-quality tenants,” Louis Haddad, Armada’s president and chief executive, said in a statement.

Haddad said the six Carolinas properties were key to the deal.

“We expanded our geographic footprint in North and South Carolina, with the six retail centers located in the Carolinas fitting perfectly into our core operating portfolio and long-term strategy,” he said.

“We continue to evaluate the properties located outside the Carolinas for potential sale in order to generate proceeds between $20 million and $40 million.”

Armada paid for the deal from the net proceeds of the sales of the Oceaneering International ($30 million) and Richmond Tower ($78 million) office buildings, as well as borrowings under its unsecured revolving credit facility. Richmond Tower is a 207,000-square-foot office building in Richmond that Armada developed and built in 2010.

rcraver@wsjournal.com 336) 727-7376 @rcraverWSJ

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